With changes and amendments in HUD’s new reverse mortgage policy that took effect in January 2009; you can now purchase a home with no payments for life!! This is a valuable opportunity for Senior American citizens who wanted to buy a new residence or those who wanted to downsize and move closer to family and friends, or those who wanted money for leisure or medical expenses.
Reverse mortgage allow people above 60 to borrow against the value of their home, having to make no payments whatsoever until after death, when they sale out the home, or when they wish to permanently move out.
The best thing about mortgage loan is that you can obtain it without qualification or without ever making a single monthly payment. Instead, you get a chance to have additional cash in your pockets for larger expenditure…seems like a great piece of news for older people in 2009!
Seniors have now got the chance which did not exist to them before. Make the most of this and get your reverse mortgage now. Here are the 5 tips to keep in mind:
1.Inspect all the possibilities before opting for a reverse mortgage. Ask your lender everything you need to know from the process of loan to the expenses to terms and conditions. Be fully aware before you sign the deal.
2.The older you are, the better it is. Older people qualify for a higher loan amount as compared to less older ones. So it will be a good deal to wait more until you reach that certain age.
3.Decide how you wish to receive your funds. You can get it all at once, in monthly payments, a line of credit, or the combination of monthly payments and creditline.
4.Know your legal responsibilities and abide by them. To make your reverse mortgage loan effective, pay regular property taxes, home insurance premiums and home repair costs.
5.Get the service of reliable reverse mortgage expert Today, there are many fake people out there fooling older citizens just for the sake of getting their fee. You are sensible enough, so be very particular when you hire somebody’s services.